GUERNSEY: FSC signs MoU with Swiss FINMA on distribution of investment funds

Friday March 21 2014

The Guernsey Financial Services Commission (FSC) has announced that it has signed a Memorandum of Understanding (“MoU”) with the Swiss Financial Market Supervisory Authority (“FINMA”) in relation to the distribution of investment funds to retail investors. The MoU facilitates close co-operation between the two authorities and key elements include the exchange of information, cross border on-site visits and assistance in the enforcement of each jurisdiction’s laws

Recently-introduced changes to the Swiss Collective Investment Schemes Act on the distribution of foreign funds to retail investors in or from Switzerland mean that foreign distributions are now subject to the existence of a cooperation arrangement (MoU) between FINMA and the financial services supervisory authority responsible for the relevant foreign funds.

Click on the above for the FSC press release.